Rosan Resources Holdings Limited

Transcription

1 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. Rosan Resources Holdings Limited (Incorporated in Bermuda with limited liability) (Stock code: 578) ANNOUNCEMENT OF INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2015 The board of directors (the Board ) of Rosan Resources Holdings Limited (the Company ) is pleased to announce the unaudited condensed consolidated interim financial statements of the Company and its subsidiaries (the Group ) for the six months ended 30 June 2015 as follows: CONDENSED CONSOLIDATED INCOME STATEMENT For the six months ended 30 June 2015 Unaudited Six months ended 30 June Notes HK$ 000 HK$ 000 Revenue 4 343,741 99,735 Cost of sales (392,315) (108,840) Gross loss (48,574) (9,105) Other income 4 38,341 12,964 Selling and distribution expenses (4,052) (4,093) Administrative expenses (36,968) (38,750) Other expenses (3,912) (13,636) Finance costs 5 (25,411) (28,482) Share of profits/(losses) of associates 4,993 (7,702) Share of profit of a joint venture Gain on disposal of an associate 25,498 1

3 CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the six months ended 30 June 2015 Unaudited Six months ended 30 June HK$ 000 HK$ 000 Loss for the period (185,034) (145,400) Other comprehensive income/(loss) for the period Items that will be reclassified subsequently to profit or loss: Exchange differences on translation of foreign operations subsidiaries 1,955 (20,888) a joint venture 22 (151) associates 388 (3,068) 2,365 (24,107) Share of other comprehensive income of an associate 17,534 Release of exchange fluctuation reserve upon disposal of an associate (940) Other comprehensive income/(loss) for the period, net of tax 18,959 (24,107) Total comprehensive loss for the period (166,075) (169,507) Total comprehensive loss attributable to: Owners of the Company (151,253) (156,566) Non-controlling interests (14,822) (12,941) (166,075) (169,507) 3

6 NOTES: 1. GENERAL INFORMATION Rosan Resources Holdings Limited (the Company ) is a limited liability company incorporated in Bermuda. The address of its registered office is located at Clarendon House, 2 Church Street, Hamilton HM11, Bermuda. The Company s shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited (the Stock Exchange ). The principal activities of the Company and its subsidiaries (the Group ) are the production and sale of coal and the trading of purchased coal in the People s Republic of China (the PRC ). Basis of preparation The condensed consolidated interim financial statements have been prepared in accordance with Hong Kong Accounting Standard ( HKAS ) 34 Interim Financial Reporting issued by the Hong Kong Institute of Certified Public Accountants ( HKICPA ) and the applicable disclosure provisions of the Rules Governing the Listing of Securities on the Stock Exchange (the Listing Rules ). The condensed consolidated interim financial statements have been prepared in accordance with the same accounting policies adopted in the annual financial statements for the year ended 31 December 2014, except for the adoption of the new and revised Hong Kong Financial Reporting Standards ( HKFRSs ) (which includes all applicable individual Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards ( HKASs ) and Interpretations ( Int )) as disclosed in note 2. These condensed consolidated interim financial statements contain selected explanatory notes. The notes include explanation of events and transactions that are significant to an understanding of the changes in financial position and performance of the Group since the 2014 annual financial statements. The condensed consolidated interim financial statements and notes thereon do not include all of the information required for full set of financial statements prepared in accordance with HKFRSs. Going concern basis The Group incurred a consolidated net loss of approximately HK$185,034,000 (six months ended 30 June 2014: approximately HK$145,400,000) for the six months ended 30 June 2015 and, as of that date, the Group had net current liabilities of approximately HK$366,547,000 (as at 31 December 2014: approximately HK$372,966,000). These conditions indicate the existence of a material uncertainty that may cast significant doubt about the Group s ability to continue as a going concern and therefore it may be unable to realise its assets and discharge its liabilities in the normal course of business. 6

7 In order to improve the Group s financial positions, liquidity and cash flows, the directors of the Company have adopted or in the process of adopting the following measures: (a) (b) (c) The Group has been taking stringent cost controls in different areas, such as in the cost of sales and administrative expenses; The Group has entered into a framework agreement with a bank in the PRC. According to the framework agreement, the bank has agreed to renew the current banking facility to the Group with amount of RMB95,000,000 (equivalent to approximately HK$120,166,000) upon its expiry. Besides, the bank has preliminarily agreed to offer the Group for an additional banking facility for an amount of RMB400,000,000 (equivalent to approximately HK$505,960,000) when it is required by the Group in the next two years from March The bank has the final and conclusive right to determine the grant of such facility; and The Group from time to time reviews its invested projects and may adjust the investment strategies in order to enhance the cash flow position of the Group whenever it is necessary. Taking into account of the above measures and after assessing the Group s current and future cash flow positions, the directors of the Company are satisfied that the Group will be able to meet its financial obligations when they fall due. Accordingly, the directors of the Company are of the opinion that it is appropriate to prepare the condensed consolidated interim financial statements for the six months ended 30 June 2015 on a going concern basis. Should the Group be unable to continue in business as a going concern, adjustments would have to be made to write down the value of assets to their estimated recoverable amounts, to reclassify non-current assets and liabilities as current assets and liabilities respectively, and to provide for any further liabilities which may arise. The effects of these adjustments have not been reflected in the condensed consolidated interim financial statements for the six months ended 30 June ADOPTION OF NEW AND REVISED HKFRSS In the current interim period, the Group has applied, for the first time, the following amendments to HKFRSs issued by the HKICPA: Amendments to HKAS 19 Amendments to HKFRSs Amendments to HKFRSs Defined Benefit Plans: Employee Contributions Annual Improvements to HKFRSs Cycle Annual Improvements to HKFRSs Cycle The application of these amendments to HKFRSs in the current interim period has had no material effect on the amounts reported in the condensed consolidated interim financial statements and/or disclosures set out in the condensed consolidated interim financial statements. 7

8 3. SEGMENT INFORMATION The Group identifies operating segments and prepares segment information based on the regular internal financial information reported to the executive directors of the Company (the Executive Directors ) for their decisions about resources allocation to the Group s business components and for their review of the performance of those components. The business components in the internal financial information reported to the Executive Directors are determined following the Group s major product and service lines. An operating segment is a component of the Group that is engaged in business activities from which the Group may earn revenue and incur expenses, and is identified on the basis of the internal management reporting information that is provided to and regularly reviewed by the Executive Directors in order to allocate resources and assess performance of the segment. For the periods presented, the Executive Directors have determined that the Group has only one operating segment, as the Group is principally engaged in the business of production and sale of coal and trading of purchased coal which is the basis to allocate resources and assess performance. The Group s revenue from external customers is all derived from the PRC and most of its noncurrent assets (other than deferred tax assets) are located in the PRC. The Company is an investment holding company incorporated in Bermuda where the Group does not have any activity. The Group has the majority of its operations and workforce in the PRC, and therefore, the PRC is considered as the Group s country of domicile for the purpose of the disclosures as required by HKFRS 8 Operating Segments. The geographical location of customers is based on the location at which the services were provided or the goods were delivered. The geographical location of the non-current assets is based on the location of assets. 8

9 4. REVENUE AND OTHER INCOME Revenue represents the income arising from the Group s principal activities which are the production and sale of coal and the trading of purchased coal. Revenue and other income recognised during the periods are as follows: Revenue Unaudited Six months ended 30 June HK$ 000 HK$ 000 Production and sale of coal 72,780 93,659 Trading of purchased coal 270,961 6, ,741 99,735 Other income Bank interest income 11,941 12,727 Exchange differences, net 183 Gain on disposals of property, plant and equipment Reversal of provision for central pension scheme 23,938 Others 2, ,341 12, FINANCE COSTS An analysis of finance costs is as follows: Unaudited Six months ended 30 June HK$ 000 HK$ 000 Interest charge on bank loans 21,346 17,764 Interest charge on bills receivable discounted 4,065 10,718 25,411 28,482 9

10 6. LOSS BEFORE INCOME TAX Loss before income tax is arrived at after charging/(crediting): Unaudited Six months ended 30 June HK$ 000 HK$ 000 Cost of inventories sold 389, ,437 Depreciation* 24,247 20,569 Operating lease charges on land and buildings 975 1,462 Amortisation of mining rights** 3,775 5,346 Amortisation of other intangible assets** Employee benefit expense (including directors remuneration and retirement benefit scheme contributions) 69,019 60,846 Exchange differences, net (183) 1,383 Write down of inventories to net realisable value*** 3,030 Impairment loss on goodwill 26,545 Impairment loss on interest in an associate 26,599 Impairment loss on mining rights 75,058 Impairment loss on other receivables, net** 9,102 Impairment loss on property, plant and equipment 72,319 Provision for reclamation obligations 3,973 2,794 * Depreciation of approximately HK$21,975,000 (six months ended 30 June 2014: approximately HK$17,810,000) has been included in cost of sales and approximately HK$2,272,000 (six months ended 30 June 2014: approximately HK$2,759,000) has been included in administrative expenses in the condensed consolidated income statement. ** Included in administrative expenses in the condensed consolidated income statement. *** Included in cost of sales in the condensed consolidated income statement. 7. INCOME TAX (CREDIT)/EXPENSE 10 Unaudited Six months ended 30 June HK$ 000 HK$ 000 Current tax Corporate income tax Current period Deferred tax (credit)/expense Current period (12,392) 4,032 (12,374) 4,063 No Hong Kong Profits Tax has been provided for the period in the condensed consolidated interim financial statements as the Group has tax losses brought forward from previous years (six months ended 30 June 2014: Nil). Corporate income tax arising from operations in the PRC is calculated at the statutory income tax rate of 25% (six months ended 30 June 2014: 25%) on the estimated assessable profits as determined in accordance with the relevant income tax rules and regulations in the PRC.

11 8. LOSS PER SHARE ATTRIBUTABLE TO THE OWNERS OF THE COMPANY The calculation of basic and diluted loss per share for loss attributable to the owners of the Company is based on the following data: Unaudited Six months ended 30 June HK$ 000 HK$ 000 Loss Loss for the period attributable to the owners of the Company for the purpose of basic and diluted loss per share computation 168, ,524 Unaudited Six months ended 30 June Number of shares Weighted average number of ordinary shares in issue for the purpose of basic and diluted loss per share computation 712, ,674 There were no dilutive potential ordinary shares during the six months ended 30 June 2015 and 2014 and therefore, diluted loss per share is same as the basic loss per share. 11

12 9. ACCOUNTS AND BILLS RECEIVABLES Unaudited Audited 30 June 31 December HK$ 000 HK$ 000 Accounts receivable 257, ,041 Bills receivable , ,293 Less: Provision for impairment (14,346) (14,298) 242, ,995 As at 30 June 2015, accounts receivable of approximately HK$166,052,000 (as at 31 December 2014: approximately HK$105,025,000) were pledged to secure bank loans of the Group (note 11). The Group s sales are billed to customers according to the terms of the relevant agreements. Generally, credit periods ranging from 60 to 180 days (as at 31 December 2014: 60 to 180 days) are allowed to customers. Based on the invoice dates, ageing analysis of the Group s accounts and bills receivables, net of any provision for impairment at the reporting date is as follows: Unaudited Audited 30 June 31 December HK$ 000 HK$ days 208, , days 3,873 32, days 30,793 Over 365 days , ,995 12

13 Movement in the allowance for impairment of accounts receivable is as follows: Unaudited Audited 30 June 31 December HK$ 000 HK$ 000 At 1 January 14,298 12,298 Impairment loss on accounts receivable 2,199 Exchange difference 48 (199) At 30 June/31 December 14,346 14, ACCOUNTS AND BILLS PAYABLES Unaudited Audited 30 June 31 December HK$ 000 HK$ 000 Accounts payable 66,132 33,311 Bills payable 834, , , ,089 The Group was granted by its suppliers with credit periods generally ranging from days (as at 31 December 2014: 30 to 90 days). Based on the invoice dates, the ageing analysis of the Group s accounts and bills payables at the reporting date is as follows: Unaudited Audited 30 June 31 December HK$ 000 HK$ days 556, , days 315, , days 12,927 11,489 Over 365 days 15,354 14, , ,089 As at 30 June 2015, the Group s bills payable of approximately HK$772,178,000 (as at 31 December 2014: approximately HK$356,778,000) were secured by the pledge of time deposits. As at 30 June 2015, bills payable of approximately HK$113,209,000 (as at 31 December 2014: approximately HK$75,642,000) were guaranteed by independent third parties. 13

15 12. SHARE CAPITAL Unaudited Audited 30 June December 2014 Number of Number of shares HK$ 000 shares HK$ 000 Authorised: Ordinary shares of HK$0.1 each 30,000,000,000 3,000,000 30,000,000,000 3,000,000 Issued and fully paid: Ordinary shares of HK$0.1 each 712,673,692 71, ,673,692 71, SUBSEQUENT EVENTS (i) On 28 July 2015, Henan Jinfeng Coal Industrial Group Company Limited * ( Jinfeng ) ( ), an indirect non-wholly owned subsidiary of the Company, entered into an agreement with an independent third party, pursuant to which the parties have agreed to provide mutual guarantees with respect to each other. Both parties agreed that should any party ( Borrower ) (including its subsidiaries and holding companies) apply for a loan(s) from a bank or financial institution ( Lender ), if the Lender so requires, then the other party ( Guarantor ) shall provide a guarantee(s) for the obligations of the Borrower under the loan on the terms and conditions contained in the agreement. The total amounts to be guaranteed by each party shall not exceed RMB50,000,000. The effective period of the agreement shall be from 28 July 2015 to 28 July 2018 ( Effective Period ). For each guarantee to be provided by each party within the Effective Period, the maximum guarantee period is three years from the date of the loan agreement. As of the date of these condensed consolidated interim financial statements, a banking facility amounting to RMB40,000,000 have been applied by a subsidiary of the above independent third party and pursuant to the aforesaid agreement, the corresponding amount has been guaranteed by Jinfeng since 29 July In the opinion of the directors of the Company, the guarantee period of such guarantee provided by Jinfeng will be expired in July (ii) On 4 August 2015, Beijing Kaisheng Guanhua Investment Company Limited * ( Beijing Kaisheng Guanhua ) ( ), an indirect non-wholly owned subsidiary of the Company, entered into a capital injection agreement with certain third parties, including all other shareholders of Beijing Baiyitong Technology Co., Ltd. * ( Beijing Baiyitong )( ). Pursuant to the agreement, an investor has agreed to inject additional capital in the amount of RMB12,100,000 to Beijing Baiyitong. Accordingly, the equity interests of Beijing Kaisheng Guanhua in Beijing Baiyitong have been diluted from 10.13% to 9.11%. * for identification purpose only 15

16 EXTRACTS FROM INDEPENDENT AUDITOR S REVIEW REPORT ON THE GROUP S CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2015 The condensed consolidated interim financial statements are unaudited, but have been reviewed by Moore Stephens CPA Limited in accordance with Hong Kong Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the HKICPA. Emphasis of matter Without qualifying our opinion, we draw attention to note 2# to the condensed consolidated interim financial statements which indicates that the Group incurred a consolidated net loss of HK$185,034,000 for the six months period ended 30 June 2015 and, as of that date, the Group s current liabilities exceeded its current assets by HK$366,547,000. These conditions, along with other matters as set forth in note 2# to the condensed consolidated interim financial statements, indicate the existence of a material uncertainty that may cast significant doubt about the Group s ability to continue as a going concern. # Being note 1 in this interim results announcement. 16

17 MANAGEMENT DISCUSSION AND ANALYSIS Overview BUSINESS AND MARKET REVIEW During the six months ended 30 June 2015 (the Period ), the global economy has yet to recover. It did slow down the China s economic growth and induce the persistent weakening of both domestic and the overseas coal market. Although the government of the People s Republic of China (the PRC ) introduced certain policies with the purpose to support the coal industry, the imbalance between coal supply and demand is still the core challenge. Coal price during the Period was kept at a relatively low level in comparing with the past few years, the coal industry was still facing high operating pressure. Given its stable supply and reliability, coal continues to be an essential resource to provide energy support for the economic growth of the PRC. It is expected that the coal price will continue to maintain at a relatively low level and it needs time to rebound progressively. With government s favourable policies to improve and optimise the efficiencies of coal-fired power plants and to reduce operating costs, it may give positive support to the Company s coal mining business in future. Facing with the challenging business environment, the Company has increased its revenue in trading of purchased coal since year 2014 which provided stable income to the Company. At the same time, the Company has been seeking different opportunities for further expansion in the coal energy business. Looking ahead, although the global economy will continue to recover steadily so as the PRC s economic development, the global coal industry and the PRC coal industry may still need a longer time to get a balance between the coal supply and demand. Until a equilibrium of coal supply and demand is achieved, the coal industry may then has a turn around. 17

18 Financial Review Revenue The Group s total revenue for the Period amounted to approximately HK$343.7 million, representing an increase of approximately 244.7% from approximately HK$99.7 million for the six months ended 30 June 2014 (the Last Period ). The increase in revenue was mainly due to the significant increase in trading of purchased coal during the Period. Moreover, resumption of all the Group s coal mines since November 2014 has slightly improved the production volume of coal from approximately 0.24 million tons during the Last Period to approximately 0.28 million tons during the Period. During the Last Period, certain coal mines were ordered to suspend occasionally which reduced the coal production volume in the Last Period. During the Period, the total sales volume of coal, including both production and sale of coal and trading of purchased coal, has reached to approximately 0.87 million tons which was approximately 3.3 times higher than the sales volume of the Last Period (approximately 0.26 million tons). In addition to the improvement in sales volume, the total average selling price of coal has increased slightly comparing with the Last Period. It was resulted from the increase in proportion of revenue contributed by trading of purchased coal. As the average quality of the coal purchased during the Period was generally higher than the average quality of the coal produced by the Group s coal mines, the average selling price of purchased coal was higher. Therefore, the total average selling price for the Period was higher than that of the Last Period. The average selling price of purchased coal and coal produced by the Group s coal mines during the Period were approximately RMB361.8 per ton and approximately RMB206.9 per ton respectively, while the average selling price of purchased coal and coal produced by the Group s coal mines during the Last Period were approximately RMB371.7 per ton and approximately RMB302.6 per ton respectively. As the proportion of revenue contributed by trading of purchased coal during the Period was much higher than the Last Period, the total average selling price of coal has slightly increased from approximately RMB306.0 per ton for the Last Period to approximately RMB312.3 per ton for the Period. Cost of sales and Gross Loss The cost of sales and gross loss for the Period were approximately HK$392.3 million and approximately HK$48.6 million respectively; while the cost of sales and gross loss for the Last Period were approximately HK$108.8 million and approximately HK$9.1 million respectively. During the Period, more volume of coal was purchased from suppliers for coal trading to support the Group s operation continuously. As the cost needed for the coal purchase was higher than the coal production, higher total cost of sales was incurred during the Period. Moreover, continuous expenditures were incurred for the maintenance of the Group s coal mines during the Period, the cost of sales was comparatively higher than the Last Period. 18

19 The gross loss margin was increased from approximately 9.1% for the Last Period to approximately 14.1% for the Period. During the Period, the average selling price of the coal produced by the Group s coal mines was lower than the Last Period. This was mainly caused by (i) the continuous decline of the market coal price in the PRC, as well as (ii) the comparatively lower average quality of the coal produced by the Group s coal mines during the Period. Despite the decline in average selling price of the coal produced by the Group s coal mines, the costs for coal production maintained in relatively high level. On the other hand, although the revenue of the Group contributed by trading of purchased coal was increased, the gross profit contributed was limited and could not override the impact of gross loss derived from the coal production. As such, the gross loss and gross loss margin during the Period was higher than that for the Last Period. Net Loss attributable to the owners of the Company The net loss attributable to the owners of the Company for the Period was approximately HK$168.3 million, representing an increase of approximately 25.1% as compared with the Last Period of approximately HK$134.5 million. The reasons for the increase in net loss attributable to the owners of the Company were mainly due to: (i) the increase in gross loss as explained in the precedent paragraph; and (ii) the increase in impairment loss on certain tangible and intangible assets in the impairment assessment. Given the continuous decline of the market coal price in the PRC during the Period and the recoverable amount of the cash-generating unit is less than its carrying amount, the Group made an impairment loss of approximately HK$72.3 million (the Last Period: Nil) and approximately HK$75.1 million (the Last Period: Nil) on the property, plant and equipment and the mining rights respectively. The above factors for the increase in net loss attributable to the owners of the Company were partially offset by (i) the increase in other income from approximately HK$13.0 million for the Last Period to approximately HK$38.3 million for the Period; and (ii) the gain on disposal of an associate of approximately HK$25.5 million recognised during the Period. Accounts and bills receivable As at 30 June 2015 (the Period End ), the accounts and bills receivable amounted to approximately HK$243.0 million, representing an increase of 42.9% as compared to that as 31 December 2014 (the Last Year End ) of approximately HK$170.0 million. The increase was mainly because of the increase in revenue during the Period as compared with the Last Period. Nevertheless, the average duration of settlement period from customers was shorter than that for the year ended 31 December Amongst the total amount of accounts receivable (excluding bills receivable) as at the Period End, Henan Zhongfu Dianli Company Limited* ( Zhongfu ) ( ) was still the largest debtor with balance amounting to approximately HK$166.1 million (equivalent to approximately RMB131.3 million) or approximately 68.3% of the accounts receivable amount, net of any provision for impairment. The entire outstanding amount of the accounts receivable from Zhongfu was not past due. The Board therefore concluded that no impairment is needed to be made on the outstanding amounts due from Zhongfu. 19

20 Accounts and Bills Payables In order to maintain the operational cashflow and the liquidity with the Group s coal production companies, Henan Jinfeng Coal Industrial Group Company Limited* ( Jinfeng ) ( ) has issued bills to its supplier and subsidiaries (i.e. Xiangyang Coal Industry Company Limited* ( Xiangyang ) ( ) and Xingyun Coal Industry Company Limited* ( Xingyun ) ( ) to facilitate the sales and purchases between the parties. Jinfeng, Xianyang and Xingyun are the indirect non-wholly owned subsidiaries of the Company which are principally engaged in the production and sale of coal. It is the fact that the principal activities of both Xiangyang and Xingyun are production of coal and the majority of their coal was sold to Jinfeng for selling to customers. Therefore, the operational cash flow and liquidity of Xiangyang and Xingyun are relied on the settlement (i.e. either by cash or by bills) from Jinfeng. Bills payable as at the Period End amounted to approximately HK$834.8 million (Last Year End: approximately HK$356.8 million) which contributed approximately 92.7% (Last Year End: 91.5%) of the total amount of accounts and bills payables as at the Period End, i.e. approximately HK$900.9 million (Last Year End: approximately HK$390.1 million). In order to enhance the operational cash flow and liquidity for intra-group companies under the current challenging business environment, bills were issued by Jinfeng to Xiangyang and Xingyun for settlement. Moreover, as the Group has purchased more coal from other suppliers for coal trading during the Period, more bills were issued to suppliers for settlement. Therefore, the bills payable as at the Period End has increased by approximately HK$478.0 million or 134.0%. Other Payables and Accruals The total amount of other payables and accruals decreased by approximately 2.2% from approximately HK$471.7 million as the Last Year End to approximately HK$461.1 million as at the Period End. As at the Period End, the other payables were mainly comprised of provision for PRC retirement benefit scheme contributions amounted to approximately HK$207.0 million (as at the Last Year End: approximately HK$211.1 million), accrued coal mines related removal and relocation expenses amounted to approximately HK$57.6 million (as at the Last Year End: approximately HK$52.7 million) and accrued workers wages and benefits amounted to approximately HK$39.0 million (as at the Last Year End: approximately HK$49.7 million). 20

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Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

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Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited (the Stock Exchange ) take no responsibility for the contents of this announcement, make no representation as to its

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

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Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

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1. Basis of Preparation The accounts have been prepared in accordance with Hong Kong Financial Reporting Standards ( HKFRS ). The accounts have been prepared under the historical cost convention as modified

STATUTORY BOARD SB-FRS 12 FINANCIAL REPORTING STANDARD Income Taxes This version of the Statutory Board Financial Reporting Standard does not include amendments that are effective for annual periods beginning

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Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

91 Group Accounting Policies The consolidated financial statements have been prepared in accordance with IFRS as endorsed by the EU and in accordance with the Companies Act 2006, as applicable to companies

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